Social Security Contributions (Share Options) Bill — 23 Jan 2001

Order for Second Reading read.

I beg to move, That the Bill be now read a Second time.

The Bill is part of the Government's response to companies' legitimate worries about the effects of aligning the income tax and national insurance treatment of employee share options.

I beg to move, To leave out from "That" to the end of the Question, and to add instead thereof:

"this House declines to give a Second Reading to the Social Security Contributions (Share Options) Bill because, while it contains provisions which improve upon the existing unreasonable situation, it would be unreasonable to require companies to gamble on their tax liabilities where share options may never be exercised and possibly contrary to the provisions of the Financial Services and Markets Act 2000."

Question put, That the amendment be made--

The Committee divided: Ayes 117, Noes 280.

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